Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EURONEXT NV. We currently have 7 research reports from 1 professional analysts.
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It's all good!
28 Jul 16
Euronext released this morning its earnings for Q2 16. EBITDA was 15% higher than expected driven by both higher revenues and lower costs than expected by the consensus (and our own expectations). The EBITDA margin for Q2 16 is therefore 5.5% higher than the company-compiled consensus of 58.7%.
Earnings totally in line with expectations
12 May 16
Euronext released its Q1 16 earnings this morning. Revenues and clean expenses are in line with expectations leading to a 54.5% EBITDA margin. Euronext will hold its first Investor Day “Agility for growth” tomorrow. We hope for new catalysts especially on the capital side (more dividends or a coherent M&A strategy).
More clarity required
11 May 16
This morning Euronext announced it had reached an agreement with the Dutch Ministry of Finance on Euronext’s prudent requirements. At first glance this looks rather positive for Euronext, as a long-term positive tangible equity is required. We need however more clarity regarding the different constraints imposed when tangible equity is negative. Fortunately, Euronext will release its Q1 16 earnings tomorrow and will host its first investor day on Friday.
Can't wait for the new strategic plan!
17 Feb 16
Euronext's earnings release was in line with expectations. With €518.5m revenues and costs of €234.7m, the EBITDA margin is 54.7%, roughly in line with both our expectations and those of the consensus (at 55%). The dividend was slightly above consensus at €1.24 per share (versus €1.21 ps). A new srategic plan is expected during Q2 16 with objectives regarding growth and the cost base, We also expect more clarification on the regulatory side concerning both the Dutch appeal and Euronext's need to retain some cash to comply with requirements.
Dutch court of justice decides in favour of Euronext
17 Dec 15
Euronext had suspended the trading of its own shares before the market opening this morning. This was a precautionary action before the verdict received later in the morning from the District Court of Rotterdam. Euronext had appealed against consolidated capital requirements imposed by the Dutch Minister of Finance: Euronext had to achieve positive tangible equity by the end of 2017 (tangible equity defined as equity less intangibles and equity investments).
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.